公司研究 [Table_ReportType] 公司点评报告 [嘉Ta必bl优e_(St6o8c8k0A8n9d)Rank] | | | 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩超预期，看好增长持续性 [Table_ReportDate] 2025 年 5 月 4 日 [T事ab件le：_S公um司ma公ry布] 2025 年一季报。25Q1，公司实现营业收入 1.56 亿元，同 比+33.28%，归母净利润 4500 万元，同比+85.07%；扣非归母净利润 4137 万元，同比+119.46%。 点评： 风险因素：客户订单不及预期，产品降价超预期，资产重组不及预期 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 邮 箱：zhaolei@cindasc.com Q1 收入亮眼，国内业务推动增长。从区域角度看，得益于新国标产品 的持续放量，Q1 公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant revenue increase of 33.3% year-on-year in Q1 2025, reaching 156 million yuan, with net profits growing by 85.1% and 119.5% for the non-deducted and deducted net profits respectively [4][5] - The forecast for net profit for 2025-2027 has been revised upwards to 161 million, 190 million, and 222 million yuan respectively, reflecting positive growth expectations [4] - The asset restructuring is expected to open new development opportunities for the company, with the acquisition of Ouyi Biological promising a cumulative net profit of no less than 270 million yuan from 2025 to 2027 [7] Financial Performance Summary - The company's total market capitalization is 4.209 billion yuan, with a current stock price of 25.01 yuan [1] - The company has a high turnover rate of 209.47% over the past three months [1] - The gross profit margin improved significantly by 8.26 percentage points year-on-year, driven by scale effects from DHA and ARA products [6] - The net profit margin also saw a substantial increase of 8.07 percentage points year-on-year in Q1 2025 [6] Revenue and Profit Forecast - Revenue is projected to grow from 444 million yuan in 2023 to 1.011 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.9% [10] - The net profit is expected to increase from 91 million yuan in 2023 to 222 million yuan in 2027, reflecting a strong growth trajectory [10] - The earnings per share (EPS) is forecasted to rise from 0.54 yuan in 2023 to 1.32 yuan in 2027 [10] Market Dynamics - The domestic market is expected to grow by over 50%, primarily due to the low base effect and the ongoing benefits from new national standards [5] - The company is gaining market share as large clients concentrate orders towards leading firms, while new medium-sized clients are also increasing orders [5]

证券代码：688089 证券简称：嘉必优 公告编号：2025-038 嘉必优生物技术（武汉）股份有限公司 第四届监事会第五次会议决议公告 本公司及监事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 嘉必优生物技术(武汉)股份有限公司（以下简称"公司"）第四届监事会第 五次会议（以下简称"本次会议"）于 2025 年 4 月 28 日以现场结合通讯形式召开。 会议通知已于 2025 年 4 月 18 日通过邮件等方式送达全体监事。本次会议应出席 监事 3 人，实际出席监事 3 人，会议由监事会主席王纪召集并主持。本次会议的 召集、召开和表决程序符合有关法律法规、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 经与会监事审议表决，通过了以下议案： （一）审议通过了《关于公司 2025 年第一季度报告的议案》 经审议，监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法 律、行政法规及《公司章程》的规定，报告内容真实、准确、完整地反映了公司 的财务状况和经营成果等事项，不存在虚假记载、误导性陈述 ...

关于调整 2024 年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688089 证券简称：嘉必优 公告编号：2025-037 嘉必优生物技术（武汉）股份有限公司 重要内容提示： 每股分配比例：每 10 股派发现金红利 2.00 元（税前）调整为每股派发 现金红利 0.20094 元（含税，保留小数点后五位）。如在本公告披露之日起至实 施权益分派股权登记日期间，因股份回购等事项导致公司实际参与分配的股份发 生变化的，则以未来实施分配预案的股权登记日的总股本扣减回购专用证券账户 中股份数为基数，继续按照分配总额不变，相应调整每股分配比例，并将另行公 告具体调整情况。 本次调整原因：截至本公告披露日，公司通过上海证券交易所系统以集 中竞价交易方式累计回购公司股份 789,128 股，相关股份存放于公司回购专用证 券账户中，上述股份不参与本次利润分配。公司按照分配总额不变的原则，相应 调整每股分配比例。 二、调整后利润分配预案 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥155,965,651.51, representing a 33.28% increase compared to ¥117,020,437.16 in the same period last year[4] - Net profit attributable to shareholders was ¥44,995,913.27, an 85.07% increase from ¥24,312,520.44 year-over-year[4] - The net profit after deducting non-recurring gains and losses was ¥41,371,462.64, reflecting a significant increase of 119.46% from ¥18,851,734.56 in the previous year[4] - Basic and diluted earnings per share were both ¥0.27, up 92.86% from ¥0.14 in the same period last year[4] - Operating profit for Q1 2025 was ¥48,401,015.49, up 106.4% compared to ¥23,473,958.79 in Q1 2024[17] - Net profit for Q1 2025 was ¥44,392,411.29, representing an increase of 87.5% from ¥23,674,695.14 in Q1 2024[17] - Basic earnings per share for Q1 2025 was ¥0.27, compared to ¥0.14 in Q1 2024, reflecting a 92.9% increase[17] Assets and Liabilities - The company's total assets increased by 3.08% to ¥1,738,700,307.18 from ¥1,686,816,628.88 at the end of the previous year[5] - As of March 31, 2025, the total assets of the company amounted to CNY 1,738,700,307.18, an increase from CNY 1,686,816,628.88 as of December 31, 2024, reflecting a growth of approximately 3.5%[12] - The company's current assets totaled CNY 721,712,619.69, up from CNY 656,674,255.81, indicating an increase of about 9.9%[12] - The company's total liabilities were CNY 129,121,464.00, compared to CNY 117,273,560.94, showing an increase of approximately 10.0%[13] - The company's total liabilities rose to ¥181,330,699.39 as of March 31, 2025, up from ¥151,008,078.28 at the end of 2024[22] Cash Flow - The net cash flow from operating activities was ¥32,889,318.49, a decrease of 24.19% compared to ¥43,386,600.15 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥32,889,318.49, down 24.1% from ¥43,386,600.15 in Q1 2024[18] - Cash and cash equivalents increased to ¥207,973,092.66 from ¥153,150,402.19, representing a growth of approximately 35.9%[11] - Cash and cash equivalents at the end of Q1 2025 totaled ¥207,973,092.66, an increase from ¥191,772,952.79 at the end of Q1 2024[19] - Cash inflow from financing activities totaled $29,000,000.00 in Q1 2025, with a net cash flow of $24,548,353.02, compared to -$6,330.55 in Q1 2024[29] Research and Development - Research and development expenses totaled ¥9,239,643.80, accounting for 5.92% of revenue, down from 8.93% in the previous year, a decrease of 3.01 percentage points[4] - Research and development expenses for Q1 2025 were ¥9,239,643.80, a decrease of 11.5% from ¥10,446,443.25 in Q1 2024[16] - Research and development expenses decreased to ¥7,477,251.66 in Q1 2025 from ¥9,025,774.41 in Q1 2024, reflecting a 17% reduction[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 8,377[9] - The total equity attributable to shareholders increased to CNY 1,596,726,590.94 from CNY 1,556,087,313.72, reflecting a growth of about 2.6%[13] - The company's retained earnings increased to CNY 548,344,798.43 from CNY 503,348,885.16, showing a growth of approximately 8.9%[13] Inventory and Accounts Receivable - The company reported a significant increase in inventory, which rose to CNY 144,517,329.34 from CNY 139,322,350.17, an increase of approximately 3.0%[12] - Accounts receivable rose to CNY 244,495,386.67 from CNY 226,302,185.89, marking an increase of about 8.0%[11] - The company reported a significant increase in accounts receivable, totaling ¥271,828,432.27 as of March 31, 2025, compared to ¥229,105,428.51 at the end of 2024, indicating a 19% rise[21]

一、主要会计数据和财务指标 三、分红送配方案情况 二、前10名无限售条件股东持股情况 本次公司不分配不转赠。 前十大流通股东累计持有： 9139.01万股，累计占流通股比： 54.31%，较上期变化： -65.89 万股。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2700 | 0.1400 | 92.86 | 0.0900 | | 每股净资产（元） | 9.49 | 8.92 | 6.39 | 11.97 | | 每股公积金(元) | 4.82 | 4.82 | 0 | 7.17 | | 每股未分配利润(元) | 3.26 | 2.65 | 23.02 | 3.25 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.56 | 1.17 | 33.33 | 0.88 | | 净利润(亿元) | 0.45 | 0.24 | 87.5 | 0.14 | | 净资产收益率(%) | 2.86 | 1.62 ...

一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 正文 = 在 1 is fo 基础化工 点击 最 下方 "在看"和" "并分享，"关注"材料汇 行业专题 以生物造万物. 构建 Al+新质生产力新业态 合成生物深度系列报告之一 主要观点: ● 合成生物学是生产力转型升级新方向 合成生物学是一门基于工程化的设计理念,结合生物学、化学、医 学、农学、工程学、计算机与数据科学等交叉学科技术,旨在设计 和构建新的生物系统,以实现特定的功能,其本质是让细胞为人类 工作生产想要的物质。合成生物学和发酵工程的区别在于是否对细 胞进行定向性干预,大幅提升微生物细胞工厂效率。目前合成生物 学可合成的大宗化学品仅几十种,在整体基础化学品中的占比还非 常有限,还无法颠覆性替代传统化工,但在部分领域有比较好的应 用场景,具有战略与商业角度的优势,生物制造未来提升空间巨 大。 ● Al 赋能上游+政策推动落地,合成生物学东风将至 当前,国际合成生物学优势力量主要分布在美、欧等地,其政策对 我国来说具备一定参考意义,国内也正 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the company "加币欧" (Jia Bi Ou) and its recent acquisition of "OE生物" (OE Biology) within the biotechnology and healthcare industry [4][5][6]. Core Points and Arguments 1. **Acquisition Overview**: The acquisition of OE Biology was initiated in November last year, with the market having limited understanding of the transaction's background and implications [4][5]. 2. **Strategic Rationale**: The merger is not seen as a spontaneous decision but rather a strategic move based on prior collaborations and the chairman's vision for nuclear medicine technology [6][7]. 3. **Valuation Insights**: The acquisition valuation is approximately 1.3 billion, with a market response indicating that the price is not excessively high, considering OE's pre-IPO valuation was already above 1 billion [7][8]. 4. **Performance Commitments**: OE Biology has committed to a cumulative net profit of no less than 270 million over the next three years, averaging around 90 million annually [8]. 5. **Market Positioning**: The company primarily serves research institutions, hospitals, and universities, indicating a strong focus on R&D and potential for market expansion [9][10]. 6. **Growth Metrics**: OE Biology has demonstrated a compound annual growth rate (CAGR) of approximately 20% in revenue over the past few years, with profits improving significantly from previous losses [12]. 7. **Industry Trends**: The biotechnology sector is experiencing rapid cost reductions in gene testing, which is expected to open up new market opportunities [11]. 8. **Future Outlook**: The company anticipates a revenue growth of over 20% this year, driven by domestic and international market improvements, particularly in the infant formula sector [14][15]. 9. **Stock Performance**: The company's stock is supported by a buyback plan, and there is an expectation of valuation uplift, especially from the OE segment [16]. Other Important but Overlooked Content - The call emphasized the importance of understanding the strategic fit between 加币欧 and OE Biology, highlighting the complementary technologies and market strengths of both companies [11][12]. - There is a focus on the potential for further research and development as the integration progresses, which could lead to enhanced product offerings and market competitiveness [10][11]. - The discussion included insights into regulatory changes affecting the industry, particularly regarding IPO processes and market entry strategies [6][7].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688089 证券简称：嘉必优 公告编号：2025-035 嘉必优生物技术（武汉）股份有限公司 关于参加 2024 年度科创板生物制品及 CXO 行业集体业绩说明 会的公告 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 04 月 16 日（星期三）至 04 月 22 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@cabio.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 嘉必优生物技术（武汉）股份有限公司(以下简称"公司")已于 2025 年 3 月 28 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年年度经营成果、财务状况，公司计划于 2025 年 04 月 23 日（星期三） 15:00-17:00 参加由上海证券交易所主办的 2024 年度科创板生物制品及 ...

Financial Performance - For Q1 2025, the company expects revenue of approximately 155.96 million yuan, a year-on-year increase of about 33.28%[3] - The net profit attributable to the parent company for Q1 2025 is projected to be between 43.50 million yuan and 48.00 million yuan, representing a year-on-year growth of 78.92% to 97.43%[3] - The net profit attributable to the parent company after deducting non-recurring gains and losses is estimated to be between 39.70 million yuan and 43.80 million yuan, reflecting a year-on-year increase of 110.59% to 132.34%[3] - In Q1 2024, the company's revenue was 117.02 million yuan, and the net profit attributable to the parent company was 24.31 million yuan[5] - The earnings per share for Q1 2024 was 0.14 yuan per share[5] Revenue Drivers - The increase in revenue is primarily due to higher sales of core products ARA and algal oil DHA, along with improved production efficiency and optimized product and customer structures[7] Financial Reporting and Forecast - The financial data for the current period is unaudited and based on preliminary calculations by the finance department[4] - The company has not identified any significant uncertainties that could affect the accuracy of the earnings forecast[8] - Investors are advised to note that the forecast data is preliminary and the final figures will be disclosed in the official Q1 2025 report[9] - The announcement was made by the company's board on April 15, 2025[10]